Cooperation of Nine Global Automakers, Momenta Builds Industrial Symbiosis Model

The first stock in Physical AI, Momenta officially rings the bell on the Hong Kong Stock Exchange, market cap close to 70 billion HKD. Public offering oversubscribed 414 times, international capital such as Singapore Government Investment Corporation, Fidelity International, Oaktree Capital followed the investment. This subscription heat is quite rare in the Hong Kong stock market in recent years.

Many people might not be very familiar with this company yet. Simply put: Momenta was founded in 2016, one of the earliest companies in China to do high-level intelligent assisted driving. You might not have heard its name, but the intelligent driving system in the car you drive is likely the solution provided by Momenta.

How strong is Momenta's industry status? Look at July 8th, nearly 20 automakers applauded its IPO together, you can feel the company's industry recognition is not to be underestimated.

Cumulative deployments exceeded 1 million units, 9 of the top 10 global automakers cooperate, third-party city NOA market share 65%, firmly ranking first in the industry, landed in over 10 countries including Asia, Europe, Oceania, etc.

In the global intelligent driving track, a competitive pattern of FSD, Momenta, and Huawei advancing together has formed. Relying on proprietary underlying technology + deep adaptation to Chinese road conditions, Momenta has become one of the only two Chinese intelligent driving forces with global competitiveness.

But the relationship between Momenta and these OEMs is far more than supplier and customer. SAIC, Mercedes-Benz, BYD have upgraded from customers to shareholders, SAIC, Mercedes-Benz, BYD all appear in the investor list. At the same time, Momenta deeply binds intelligent driving business with SAIC, GAC, the two parties form an industrial community of risk sharing and value sharing, at the technical level even deeper co-creation, cooperation almost covers the whole series of models. This forms a virtuous cycle — automakers use Momenta's solution, make money, and in turn continue to invest in Momenta.

The result is Momenta's revenue tripled in three years, reaching 2.413 billion in 2025, compound growth rate exceeding 80%, gross profit margin rose from 17.5% to 71.6%. CEO Cao Xudong said: The "GPT moment" of Physical AI has arrived. The next decade, what Momenta wants to do is General Physical AI — not just cars, but also Robovan, Robotaxi and robots.

A sample of Chinese AI going global, Momenta is already in the lead.